Carlo Katigbak cuts ABS-CBN bleeding as fallen media giant copes with shrinking ads a year after losing franchise

ABS-CBN reported a 14 percent year-on-year drop in net losses to P3.4 billion in the first six months of 2021.

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In the second quarter alone, ABS-CBN slashed its losses by 54 percent to P1.44 billion from the previous year’s level.

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Katigbak was able to match the P5.159 drop in revenues with the same amount of cutbacks in expenses specifically production costs and administrative expenses.

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Advertising revenues plunged by P3 billion or 57 percent year-on-year to P2.23 billion as ABS-CBN has stopped airing on free TV since its franchise expired in May 2020.

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Aside from falling ad sales, ABS-CBN was also stopped from offering Sky Cable’s direct-to-home services and distributing TV Plus digital boxes which reduced sales by P2.19 billion or 27 percent year-on-year to P5.925 billion in the first half.

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Katigbak aligned its production output based on its deals with various free-to-air operators such as Brother Eddie Villanueva’s Zoe Broadcasting and its cable and digital streaming Kapamilya channels.

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Production costs fell by P1.822 billion or 323 percent year-on-year to P3.732 billion.

He also enforced stringent cost-cutting measures in general and administrative expenses which dropped by P2.5 billion or 40 percent year-on-year to P3.77 billion in the first six months this year.

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Katigbak also generated cost savings after pulling the plug on ABS-CBN’s theme parks, home shopping, and licensing and merchandising division.

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Despite losing its franchise, Katigbak increased ABS-CBN’s capital expenditures by 14 percent year-on-year to P1.8 billion in the first half this year.

Unfortunately, its Sky cable and broadband business posted a net loss of P35 million in the first six months this year from a P106 million profit a year ago.